While some couples “spend down” their assets to qualify for Medicaid, another option may be an annuity that converts assets into income.
"So the question is what can they do to preserve the value of those assets," Levine said.
However, there are lots of details to know before running out to purchase an annuity for this purpose. And, its usefulness may be limited to a situation with no better alternatives. The specific limits on those assets depend on the state, yet can be as low as $2,000 for an individual. An individual's income matters as well. Many states have a $2,523 limit, although some are lower. On the other hand, the healthy spouse's income generally is not counted.
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